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1、ASIAN DEVELOPMENT BANKSEPTEMBER 2024PUBLICPRIVATEPARTNERSHIP MONITORINDIAASIAN DEVELOPMENT BANKSEPTEMBER 2024PUBLICPRIVATEPARTNERSHIP MONITORINDIACreative Commons Attribution 3.0 IGO license(CC BY 3.0 IGO)2024 Asian Development Bank6 ADB Avenue,Mandaluyong City,1550 Metro Manila,PhilippinesTel+63 2

2、8632 4444;Fax+63 2 8636 2444www.adb.orgSome rights reserved.Published in 2024.ISBN 978-92-9270-818-4(print);978-92-9270-819-1(PDF);978-92-9270-820-7(ebook)Publication Stock No.SGP240374-2DOI:http:/dx.doi.org/10.22617/SGP240374-2The views expressed in this publication are those of the authors and do

3、not necessarily reflect the views and policies ofthe Asian Development Bank(ADB)or its Board of Governors or the governments they represent.ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use.The mention of speci

4、fic companies or products of manufacturers does not imply that they are endorsed or recommended by ADB in preference to others of a similar nature that are not mentioned.By making any designation of or reference to a particular territory or geographic area inthis document,ADB does not intend to make

5、 any judgments as to the legal or other status of any territory or area.This publication is available under the Creative Commons Attribution 3.0 IGO license(CC BY 3.0 IGO)https:/creativecommons.org/licenses/by/3.0/igo/.By using the content of this publication,you agree to be bound bytheterms of this

6、 license.For attribution,translations,adaptations,and permissions,please read the provisions andterms of use at https:/www.adb.org/terms-use#openaccess.This CC license does not apply to non-ADB copyright materials in this publication.If the material is attributed toanother source,please contact the

7、copyright owner or publisher of that source for permission to reproduce it.ADB cannot be held liable for any claims that arise as a result of your use of the material.Please contact pubsmarketingadb.org if you have questions or comments with respect to content,or if you wish toobtain copyright permi

8、ssion for your intended use that does not fall within these terms,or for permission to use theADB logo.Corrigenda to ADB publications may be found at http:/www.adb.org/publications/corrigenda.Notes:In this publication,“$”refers to United States dollars.The fiscal year(FY)of the Government of India e

9、nds on 31 March.“FY”before a calendar year denotes the year inwhich the fiscal year ends,e.g.,FY2022 ends on 31 March 2022.ADB recognizes“Bangalore”as Bengaluru and“Orissa”as Odisha.On the cover:Clock tower in Gujarat,India as part of the Rajasthan Urban Infrastructure Development Project;the liquid

10、 natural gas storage facility in Dahej,Gujarat,Indias first LNG import and regasification terminal;the 50.4 megawatts of turbines dominate the landscape around Khanke in Maharashtra,India;urban drainage station at Lohiya College in Churu,Rajasthan;and a lab technician taking blood samples for a pati

11、ent in Medanta Hospitals lab sample collection in Gurugram,India(photos by Rakesh Sahai,lan Taylor,and Amit Verma).Cover page prepared by Claudette Rodrigo.Printed on recycled paperContentsTables and Figures .ivForeword .ixAcknowledgments .xiDefinition of Terms .xiiAbbreviations .xixWeights and Meas

12、ures .xxiCurrency Equivalents .xxiiGuide to Understanding the PublicPrivate Partnership Monitor .xxiiiI.Overview .1II.National PublicPrivate Partnership Landscape .11III.Sector-Specific PublicPrivate Partnership Landscape .63A.Roads.63B.Railways.77C.Ports.91D.Airports.102E.Energy.113F.Water and Wast

13、ewater.128G.Information and Communication Technology.145H.Social Infrastructure.156I.Other InfrastructureMunicipal Solid Waste.167IV.Local Government PublicPrivate Partnership Landscape .177Appendixes .1951.Critical Macroeconomic and Infrastructure Sector Indicators for India.1952.World Banks Ease o

14、f Doing Business Parameters forIndia.1983.Assessment of Public Financial Management System in India,2010.201References .203Tables and FiguresTables 1 Estimated Total Investments for the Infrastructure Sector.22 Regulations on PublicPrivate Partnerships at State Level.153 Prevalent PublicPrivate Part

15、nership Models.184 Updated Harmonized Master List of Infrastructure Subsectors.195 Description and Roles of Entities Promoting PublicPrivate Partnerships.216 Guidelines for the Formulation,Appraisal,and Approval of PublicPrivate Partnership Projects.247 Phases of a PublicPrivate Partnership Project

16、Life Cycle.308 Description of PublicPrivate Partnership Tools.359 Compensation Clauses from Model Concession Agreement in the Highway Sector.3810 Government Support Facilities for PublicPrivate Partnership Projects.4811 Active Project Sponsors in India,July 2021 to August 2022.6012 Key Regulations f

17、or the Road Sector in India.6413 Phases and Progress of Projects Under the National Highways Development Project.6614 Project Progress Under the Bharatmala Pariyojana Project.6815 Number of Road and Bridge Projects Across PublicPrivate Partnership Variants.7316 Generic Risk-Sharing Matrix Across Var

18、iants of PublicPrivate Partnerships in the Road Sector.7517 Key Entities Responsible for the Railway Sector in India.7818 Capital Expenditure Plan for Projects in the Railway Sector Under the National Infrastructure Pipeline.8419 Number of Railway Projects Across PublicPrivate Partnership Variants.8

19、820 Key Entities Responsible for the Port Sector in India.9321 Estimated Expenditure of Initiatives in the Port Sector Under the Sagarmala Program of the Ministry of Ports,Shipping and Waterways.9622 Number of Port Projects Across PublicPrivate Partnership Variants.9923 Key Entities Responsible for

20、the Airport Sector in India.10324 Foreign Direct Investment Allowed in the Airport and Aviation Sector.10525 Estimated Capital Expenditure Plan for the Airport Sector Under the National Infrastructure Pipeline.10626 Number of Airport Projects Across PublicPrivate Partnership Variants.11027 Regulator

21、y Entities in the Energy Sector in India.11628 Capital Expenditure Plan for the Energy Sector by Segment,Based on the National Infrastructure Pipeline.11829 Estimated Year-on-Year Capital Expenditure Plan in the Energy Sector,Based on the National Infrastructure Pipeline.11930 Capital Expenditure Pl

22、an for the Renewable Energy Sector,Based on the National Infrastructure Pipeline.12031 Total Year-on-Year Capital Expenditure Plan for the Energy Sector in India.12132 Number of Energy Projects Across PublicPrivate Partnership Variants.12433 Number of Energy Projects Based on Subsectors.12534 Tariff

23、s Set Up by the Central Electricity Regulatory Commission for Energy Projects inIndia.12635 Key Entities Responsible for the Water and Wastewater Sectors in India.13036 Capital Expenditure Plan for the Water Sector,Based on the National Infrastructure Pipeline.13537 Number of Water and Wastewater Pr

24、ojects Across PublicPrivate Partnership Variants.13838 Number of Water and Wastewater Projects Based on Subsectors.13939 Water Tariff for the Hyderabad Metropolitan Water Supply and Sewerage Board.13940 Tariff Grid for the Hyderabad Metropolitan Water Supply and Sewerage Board.14041 Tariff for Waste

25、water for the Hyderabad Metropolitan Water Supply and Sewerage Board.14042 Water Tariff for the Bangalore Water Supply and Sewerage Board.14143 Tariff Grid for the Bangalore Water Supply and Sewerage Board.14144 Tariff for Wastewater for the Bangalore Water Supply and Sewerage Board.14245 Tariff Gri

26、d for Wastewater for the Bangalore Water Supply and Sewerage Board.14246 Typical Risk Allocation Matrix for Variants of PublicPrivate Partnership Projects in the Water and Wastewater Sectors in India.14347 Capital Expenditure Plan for the Information and Communication Technology Sector in India.1504

27、8 Number of Information and Communication Technology Projects.15349 Typical Risk Allocation for PublicPrivate Partnership Projects in the Information and Communication Technology Sector(Build-Own-Operate-Transfer Model).15450 Year-on-Year Capital Expenditure Plan for the Social Infrastructure Sector

28、,Based on the National Infrastructure Pipeline.16251 Number of Social Infrastructure Projects Across PublicPrivate Partnership Variants.16452 Number of Social Infrastructure Projects Based on Subsectors .16553 Applicable Regulations for the Municipal Solid Waste Sector in India.16854 Key Entities Re

29、sponsible for the Municipal Solid Waste Sector in India.169Tables and Figuresv55 Number of Municipal Solid Waste Projects Across PublicPrivate Partnership Variants.17356 Risk Allocation Matrix for Variants of PublicPrivate Partnerships in the Municipal Solid Waste Sector.17557 Structure and Financia

30、l Profile of Indias Subnational Governments.17758 Revenues of Urban Local Bodies in India.18259 Expenditures of Urban Local Bodies in India.18360 Select Case of Municipal Bond Issues in India.18461 Salient Features of the Concession Structure.19262 Construction of Sewage Treatment Plants in MathuraP

31、roject Status Based on June 2023 Monthly Progress Report.193A2.1 India Basic Country Profile.198A2.2 Scores on Doing Business in India,by Categories and Subcategories.199Figures1 PublicPrivate Partnership Projects Financially Closed and Cancelled,19902022 .42 Status of PublicPrivate Partnership Acro

32、ss Sectors,19902022.53 Investments in PublicPrivate Partnerships by Sector,19902022.54 Various Modes of Procuring PublicPrivate Partnership Projects,19902022.65 PublicPrivate Partnership Projects Under Conceptualization and Development,20202022.66 PublicPrivate Partnership Projects with Government S

33、upport,19902022.77 Payment Mechanisms for PublicPrivate Partnership Projects,19902022.78 Foreign Sponsor Participation,19902022.89 Investment Estimates for FY2020FY2025,Based on the National Infrastructure Pipeline.5910 Sector-wise Breakdown of Investments Proposed Under the National Infrastructure

34、Pipeline,20202025.6011 PublicPrivate Partnership Road Projects Under Conceptualization and Development.6912 Modes of Procurement for PublicPrivate Partnership Road Projects.7013 PublicPrivate Partnership Road Projects Reaching Financial Close.7114 PublicPrivate Partnership Road Projects with Foreign

35、 Sponsor Participation.7115 Government Support to PublicPrivate Partnership Road Projects.7216 Payment Mechanisms for PublicPrivate Partnership Road Projects.7217 PublicPrivate Partnership Railways Projects Under Conceptualization and Development.8518 Modes of Procurement for PublicPrivate Partnersh

36、ip Railway Projects.8619 PublicPrivate Partnership Railway Projects Reaching Financial Close.86viTables and Figures20 PublicPrivate Partnership Railway Projects with Foreign Sponsor Participation.8721 Government Support to PublicPrivate Partnership Railway Projects.8722 Payment Mechanisms for Public

37、Private Partnership Railway Projects.8823 PublicPrivate Partnership Port Projects Under Conceptualization andDevelopment.9624 Modes of Procurement for PublicPrivate Partnership Port Projects.9725 PublicPrivate Partnership Port Projects Reaching Financial Close.9726 PublicPrivate Partnership Port Pro

38、jects with Foreign Sponsor Participation.9827 Government Support to PublicPrivate Partnership Port Projects.9828 Payment Mechanisms for PublicPrivate Partnership Port Projects.9929 PublicPrivate Partnership Airport Projects Under Conceptualization andDevelopment.10730 Modes of Procurement for Public

39、Private Partnership Airport Projects.10731 PublicPrivate Partnership Airport Projects Reaching Financial Close.10832 PublicPrivate Partnership Airport Projects with Foreign Sponsor Participation.10833 Government Support to PublicPrivate Partnership Airport Projects.10934 Payment Mechanisms for Publi

40、cPrivate Partnership Airport Projects.10935 PublicPrivate Partnership Energy Projects Under Conceptualization andDevelopment.12136 Modes of Procurement for Independent Power Producers,PublicPrivate Partnership Energy Projects.12237 Independent Power Producers,PublicPrivate Partnership Energy Project

41、s Reaching Financial Close.12238 Independent Power Producers,PublicPrivate Partnership Energy Projects withForeign Sponsor Participation.12339 Government Support to Independent Power Producers,PublicPrivate Partnership Energy Projects.12340 Payment Mechanisms for Independent Power Producers,PublicPr

42、ivate Partnership Energy Projects.12441 PublicPrivate Partnership Water and Wastewater Projects UnderConceptualization and Development.13542 Modes of Procurement for PublicPrivate Partnership Water and Wastewater Projects.13643 PublicPrivate Partnership Water and Wastewater Projects Reaching Financi

43、al Close.13644 PublicPrivate Partnership Water and Wastewater Projects with Foreign Sponsor Participation.13745 Government Support for PublicPrivate Partnership Water and Wastewater Projects.13746 Payment Mechanisms for PublicPrivate Partnership Water and Wastewater Projects.13847 PublicPrivate Part

44、nership Information and Communication Technology Projects Under Conceptualization and Development.150Tables and Figuresvii48 Modes of Procurement for PublicPrivate Partnership Information and Communication Technology Projects.15149 PublicPrivate Partnership Information and Communication Technology P

45、rojects Reaching Financial Close.15150 PublicPrivate Partnership Information and Communication Technology Projects with Foreign Sponsor Participation.15251 Payment Mechanisms for PublicPrivate Partnership Information and Communication Technology Projects.15252 PublicPrivate Partnership Social Infras

46、tructure Projects Under Conceptualization and Development.16353 PublicPrivate Partnership Municipal Solid Waste Projects Under Conceptualization and Development .17054 Modes of Procurement for PublicPrivate Partnership Municipal Solid Waste Projects.17155 PublicPrivate Partnership Municipal Solid Wa

47、ste Projects Reaching FinancialClose.17156 PublicPrivate Partnership Municipal Solid Waste Projects with Foreign Sponsor Participation.17257 Government Support to PublicPrivate Partnership Municipal Solid Waste Projects.17258 Payment Mechanisms for PublicPrivate Partnership Municipal Solid Waste Pro

48、jects.17359 Local Government Structure in India.17960 Hybrid Annuity Model PublicPrivate Partnership and Financing Mode for the Construction of Sewage Treatment Plant in Mathura.192A2.1 Rankings on Doing Business in India by Categories,2020.198A2.2 Scoring on Doing Business in India by Categories,20

49、20.198viiiTables and FiguresForewordThe PublicPrivate Partnership Monitor(PPP Monitor),a key publication of the AsianDevelopment Bank(ADB),presents a detailed review of the current state of publicprivate partnership(PPP)enabling environment for select countries.Availability of adequate infrastructur

50、e is a measure of a countrys ability to sustain its economic growth.For economies across Asia and the Pacific,provision of basic infrastructure services,including water,health,energy,transportation,and communications,is an important role for the public sector.As demand for infrastructure has increas

51、ed faster than government budgets,the public sector has increasingly considered partnership with the private sector as an alternate modality for financing infrastructure.ADB estimates that Asia and the Pacific must spend$1.7 trillion a year on infrastructure until 2030 to maintain growth,meet social

52、 needs,and address the effects of climate change.That amount is expected to go up.The traditional sources of finance for infrastructurethe governments budgetary allocationshave not been enough to meet such demand.Prior to the coronavirus disease(COVID-19)pandemic,ADB estimated an annual infrastructu

53、re gap of$204 billion to be filled through private sector investment.That amount is also now expected to have increased with the fiscal constraints as well as additional needs that have become evident in the social infrastructure.For the private sector,investment in infrastructure,whether through PP

54、Ps or otherwise,represents an investment avenue competing with various other investment options available.To compete and crowd in private capital into infrastructure,governments need to provide a conducive environment to adequately establish and protect the rights of the private sector,and the neces

55、sary support to ensure every asset brought into the market provides returns that are commensurate with the risks.The PPP Monitor provides the investment community with analysis of the enabling environment,policies,priority sectors,and deals to facilitate informed investment decisions.For ADB develop

56、ing member countries(DMCs),the PPP Monitor serves as a diagnostic tool to identify gaps in their legal,regulatory,and institutional framework.ADB and other international development agencies can also benefit from the PPP Monitor as it could be useful in initiating dialogues to assess a countrys read

57、iness to tap PPPs to develop and sustain its infrastructure as well as to develop its private sector.Building on the success of the previous PPP Monitor editions,the new PPP Monitor has been published online to widen its reach.More country reports and updates will be continually added.The PPP Monito

58、r features an interactive online version,allowing users to compare the key PPP parameters and features across DMCs.The online version of the PPP Monitor may be accessed at http:/www.pppmonitor.adb.org.The PPP Monitor has been upgraded to provide a one-stop information source derived from a consolida

59、tion of(i)the previous PPP Monitor;(ii)leading PPP databases of multilateral development banks,such as the World Bank and the International Finance Corporation,and organizations like the Economist Intelligence Unit(Infrascope)and the Global Infrastructure Hub(InfraCompass);(iii)reports of a countrys

60、 PPP unit;(iv)a countrys legal framework;and(v)consultations with leading technical experts and legal firms as well as financial institutions.The PPP Monitor includes more than 500 qualitative and quantitative indicators to profile the national PPP environment,the sector-specific PPP landscape(for e

61、ight identified infrastructure sectors),and the PPP landscape for local government projects.The COVID-19 pandemic has pushed social infrastructure into the forefront of policy and planning;hence,where possible,this PPP Monitor takes a bigger focus on social and municipal aspects like health,educatio

62、n,and affordable housing.The PPP market environment in most ADB DMCs is still emerging or developing.To accelerate infrastructure development,continuous regulatory reforms and institutional strengthening are required to facilitate further private sector investment in infrastructure and to create a s

63、ustainable pipeline of bankable projects.Through the PPP Monitor,ADB provides the analytical basis for DMCs in addressing various infrastructure and PPP-related challenges,in developing sustainable infrastructure projects,and in delivering efficient and effective public services through PPPs.ADB als

64、o supports DMCs in improving their investment climates,formulating sound market regulations,and building robust legal and institutional frameworks to encourage private sector participation in infrastructure through technical assistance,project development,advisory services,policy support,and investm

65、ents.We hope that this PPP Monitor will pave the way for continued dialogue between the public and private sectors and stimulate the adoption of PPPs in Asia and the Pacific,with the end goal of closing the gaps in the infrastructure sector.F.Cleo KawawakiHead,Office of Markets Development and Publi

66、cPrivate PartnershipAsian Development BankxForewordAcknowledgmentsThe PublicPrivate Partnership MonitorIndia was prepared by the Asian Development Bank(ADB)Office of Markets Development and PublicPrivate Partnership(OMDP),in close coordination with the India Resident Mission.A team of markets develo

67、pment advisory specialists from the OMDP led the effort,refining and streamlining the analytical framework to capture the national,subnational,and sector publicprivate partnership(PPP)-related landscape presented in this document.Contributions and review by the India Resident Mission and the Infrast

68、ructure Finance Secretariat(IFS)of the Department of Economic Affairs in the Ministry of Finance were instrumental in the quality control of this document.The PPP Monitor uses the data published by the governments of ADBs developing member countries(i.e.,official websites,reports,publications,laws,a

69、nd regulations);the data published by other multilateral development agencies;and the data derived from industry publications and databases such as those of the World Bank,European Bank for Reconstruction and Development,Organisation for Economic Co-operation and Development,World Economic Forum,Int

70、ernational Monetary Fund,Inframation Group,IJGlobal,Economist Intelligence Unit(Infrascope Index),Global Infrastructure Hub,TheGlobalE,Bloomberg,S&P Global,Trading Economics,and the PPP Knowledge Lab.ADB partnered with Shivanshu Chauhan(a partner at PwC India),leveraging his extensive knowledge of t

71、he Indian PPP market and incorporating his insights into the development of the PPP Monitor for India.Definition of TermsTermDefinitionPublicprivate partnership(PPP)Contractual arrangement between public(national,state,provincial,or local)and private entities through which the skills,assets,and/or f

72、inancial resources of each of the public and private sectors are allocated in a complementary manner,thereby sharing the risks and rewards,to seek to provide optimal service delivery and good value to citizens.In a PPP,the public sector retains the ultimate responsibility for service delivery,althou

73、gh the private sector provides the service for an extendedtime.Within Asian Development Bank operations,all contracts such as performance-based contracts(management and service contracts),leaseoperatetransfer,buildownoperatetransfer,designbuildfinanceoperate,variants,and concessions are considered a

74、s various forms of PPP.Excluded are contracts involving turnkey design and construction as part of public procurement(engineering,procurement,and construction contracts);simple service contracts that are not linked to performance standards(those that are more aligned with outsourcing to private cont

75、ractor staff to operate public assets);construction contracts with extended warranties and/or maintenance provisions of,for example,up to 5 years post completion(wherein performance risk-sharing is minimal as the assets are new and need only basic maintenance);and all privatization and divestures.Af

76、fermage or lease contractsUnder a lease contract,the private sector developer is responsible for the service in its entirety and undertakes obligations relating to quality and service standards.Except for new and replacement investments,which remain the responsibility of the government contracting a

77、gency,the operator provides the service at their expense and risk.The duration of the leasing contract is typically 10 years and may be renewed up to 20years.Responsibility for service provision is transferred from the public sector to the private sector,and the financial risk for operation and main

78、tenance is borne entirely by the private sector operator.In particular,the operator is responsible for losses and for unpaid consumers debts.Leases do not involve any sale of assets to the private sector.Availability-or performance-based paymentsMethod of investment recovery in PPP projects,when pay

79、ments to the private party are made by the government contracting agency over the lifetime of a PPP contract in return for making infrastructure or services available for use at acceptable and contractually agreed performance standards.continued on next pageDefinition of TermsxiiiTermDefinitionBest

80、and final offerAn incentive mechanism provided by the government contracting agency to the private sector developer initiating a PPP project through the unsolicited proposal route(USP proponent)to be automatically shortlisted for the final bidding round and provide its best and final offer to match

81、other bidders best offer.BuildleasetransferA PPP type whereby a private sector developer is authorized to finance and construct an infrastructure or development facility,and upon its completion hands it over to the government contracting agency on a lease arrangement for a fixed period,after which o

82、wnership of the facility is automatically transferred to the government contracting agency.Buildoperate transfer(BOT)BOT and similar arrangements are a specialized concession in which a private firm or consortium finances and develops a new infrastructure project or a major component according to pe

83、rformance standards set by the government.Under BOTs,the private sector developer provides the capital required to build a new facility.Importantly,the private operator now owns the assets for a period set by contractsufficient to give the developer time to recover investment costs through user char

84、ges.BuildownoperateA PPP type whereby a private sector developer is authorized to finance,construct,own,operate,and maintain an infrastructure or development facility from which the private sector developer is allowed to recover its total investment,operating and maintenance costs plus a reasonable

85、return thereon by collecting tolls,fees,rentals,or other charges from facility users.Under this PPP type,the private sector developer,which owns the assets of the facility,may assign its operation and maintenance to a facility operator.BuildtransferA PPP type under which the private sector developer

86、 undertakes the financing and construction of a given infrastructure or development facility and,after its completion,hands it over to the government contracting agency,which pays the private sector developer,on an agreed schedule,its total investments expended on the project,plus a reasonable rate

87、of return thereon.This arrangement may be employed in the construction of any infrastructure or development project,including critical facilities that,for security or strategic reasons,must be operated directly by the government contracting agency.Commercial closeIndicates the signing of the PPP con

88、tract between the government contracting agency and the identified private sector developer.Usually occurs after the terms and conditions of the draft PPP contract are negotiated and agreed between the government contracting agency and the identified private sector developer.Competitive biddingA pro

89、cess under which the bidders submit information detailing their qualifications and detailed technical and financial proposals,which are evaluated according to defined criteriaoften in a multistage processto select a preferred bidder.Competitive bidding may also include competitive negotiations and l

90、icense schemes.ConcessionA PPP type that makes the concessionaire(established by the selected private sector developer)responsible for the full delivery of services in a specified area,including operation,maintenance,collection,management,and construction and rehabilitation of the system.Importantly

91、,the private sector developer is responsible for all capital investment.Although the concessionaire is responsible for providing the assets,such assets are publicly owned even during the concession period.The public sector is responsible for establishing performance standards and ensuring that the c

92、oncessionaire meets them.In essence,the public sectors role shifts from being the service provider to regulating the price and quality ofservice.Table continuedcontinued on next pagexivDefinition of TermsTermDefinitionCurrency conversion swap feeA premium paid by the borrower to settle on a swap,in

93、which the parties sell currencies to each other subject to an agreement to repurchase the same currency in the same amount,at the same exchange rate,and on a fixed date in the future.Direct agreementAn agreement normally made between the concessionaire(established by the private sector developer),th

94、e government contracting agency,and the lenders.The agreement usually gives the lenders step-in rights to take over the operation of the key PPP contracts.Direct government supportDirect government support are government liabilities that directly cover project costs,either in cash or in-kind,and are

95、 certain to occur.Direct government support can also be classified as follows:Capital subsidy:These are cash subsidies for capital investments of the project,that is,to cover the costs of the physical assets during construction.Revenue subsidy:These are cash subsidies for revenue support,that is,to

96、help the private party recoup its investment during the operational phase of theproject.Direct negotiationsA type of PPP procurement under which the PPP contract is awarded on the basis of a direct agreement with a private sector developer without going through the competitive biddingprocess.Dispute

97、 resolutionA process to resolve any dispute between the government contracting agency and the private sector developer as agreed in the PPP contract.The possible dispute resolution mechanisms in a PPP contract could include resolution through discussion between both parties,dispute resolution board,

98、expert determination,mediation or conciliation,or arbitration.Environmental impact assessmentA process of evaluating the likely environmental impacts of a proposed project or development,taking into account interrelated socioeconomic,cultural,and human health impacts,both beneficial and adverse.Feed

99、-in tariffA policy mechanism designed to accelerate investment in renewable energy technologies by offering long-term purchase agreements for the sale of renewable energy electricity.Financial closeAn event whereby(i)a legally binding commitment of equity holders and/or debt financiers exists to pro

100、vide or mobilize funding for the full cost of the project,and(ii)the conditions for funding have been met and the first tranche of funding has been mobilized.If this information is not available,construction start date is used as an estimated financial closedate.Financial equilibriumA mechanism in a

101、 PPP agreement for dealing with changeswhen such changes in specified conditions and circumstances trigger compensating changes to the terms of the agreement.Some civil law jurisdictions emphasize economic or financial equilibrium provisions that entitle a partner to changes in the key financial ter

102、ms of the contract to compensate for certain types of exogenous events that may otherwise impact returns.The partner is protected as the economic balance of the contract must be maintained and adequate compensation must be paid for the damages suffered.Unexpected changes that merit financial equilib

103、rium may arise from force majeure(major disasters or civil disturbances),government action,andunforeseen changes in economicconditions.Table continuedcontinued on next pageDefinition of TermsxvTermDefinitionForce majeureAn event that is practically beyond the reasonable control of the affected party

104、,as a result of which,such partys performance of its obligations under the PPP contract is prevented or rendered impossible.Force majeure events may include war,civil war,armed conflict or terrorism;nuclear,chemical,or biological contamination,unless the source or the cause of the contamination is t

105、he result of the actions of or breach by the concessionaire or its subcontractors;pressure waves caused by devices travelling at supersonic speeds,which directly causes either party(the“affected party”)to be unable to comply with all or a material part of its obligations under the contract;or any ot

106、her similar events that are beyond the reasonable control of the affected party and that prevent or render impossible the performance by such party of its obligations under the PPP contract.Government contracting agencyThe ministry,department,or agency that enters into a PPP contract with the privat

107、e sector and is responsible for ensuring that the relevant public assets or services areprovided.Government guaranteeAgreements under which the government agrees to bear some or all risks of a PPP project.It is a secondary obligation,which legally binds the government to take on an obligation if a s

108、pecified event occurs.Agovernment guarantee constitutes a contingent liability for which there is uncertainty about whether the government may be required to make payments,and if so,how much and when it will be required to pay.In practice,government guarantees are used when debt providers are unwill

109、ing to lend to a private party in a PPP because of concerns over credit risk and potential loan losses.Government guarantees can also be used to benefit equity investors in a PPP company when they require protection against the investment risks they bear.Government pay(Offtake)Represents the payment

110、 made by the government contracting agency to the concessionaire(established by the private sector developer)for the infrastructure assets provided and services delivered through a PPP project and is also referred to as availability of payments defined above.These payments could be usage-basedfor ex

111、ample,shadow tolls or output-based subsidies;based on availabilitythat is,conditional on the availability of an asset or service to the specified quality;and upfront subsidies based on achieving certain agreed milestones.Gross-cost contractA type of PPP contract arrangement in the railway sector und

112、er which all revenues(from fares and other sources)are transferred to the government contracting agency,and the risks absorbed by the developer are confined to those associated with the cost of operations.Hybrid arrangementA method of investment recovery in PPP projects when payments to the private

113、party are made as a combination of user charges and availability payments over the lifetime of a PPP contract,in return for making infrastructure or services available for use at acceptable and contractually agreed performance standards.Independent power producer(IPP)schemeA scheme whereby a produce

114、r of electrical energy,which is not a public utility,makes electric energy available for sale to utilities or the generalpublic.A scheme whereby a producer of electrical energy,which is a private entity,owns and/or operates facilities to generate electricity and then sells it to a utility,central go

115、vernment buyer,or end users.The IPP invests in generation technologies and recovers its cost from the sale of theelectricity.Table continuedcontinued on next pagexviDefinition of TermsTermDefinitionIndirect government supportIndirect government support are either contingent liabilities(liabilities t

116、hat may not actually occur as they are contingent on a predetermined event)or government policies that support investment.The categories under indirect government support are as follows:Payment guarantee:This is when a government agrees to fulfill the obligations of a purchaser(typically a state-own

117、ed enterprise)of the infrastructure good in the case of nonperformance by the purchaser.The most common example of this is when a government guarantees the fixed payment of an offtake agreement(e.g.,power purchase agreement,water purchase agreement)between a private entity and a state-owned enterpri

118、se.Debt guarantee:This is when a government secures the borrowings of a private entity,that is,a government guarantees repayment to creditors in the case of a default by a private entity.Revenue guarantee:This is when a government sets a minimum income for the private operator.Typically this income

119、is from user fee payments by end-use customers.This form of guarantee is most common in roads with minimum traffic or revenue set by agovernment.Exchange rate guarantee:This is when a government protects a private entity from fluctuations in the value of the local currency.For example,the government

120、 will agree to reimburse the private entity for losses on debt services if the value of the local currency dips by,for example,20%or greater.Construction cost guarantee:This is when a government protects a private entity from potential cost overruns in the construction phase of a project.Interest ra

121、te guarantee:This is when a government protects a private entity from fluctuations in interest rates.Basically,this is the same concept as an exchange rate guarantee with respect to local interestrates.Tariff rate guarantee:This is when a government guarantees a minimum tariff level for the project.

122、Tax deduction or government credit:This is when a government provides a tax incentive or government credit to encourage infrastructure development in a specific sector(often in renewables);however,this is only considered government support if it is specific to the project or type of project.General

123、corporate tax incentives,for example,are not considered government support.Institutional arbitrationAn arbitration process in which a specialized institution intervenes and takes on the role of administering the arbitration process between the government contracting agency and the private sector dev

124、eloper for a PPP-project-related dispute.This institution would have its own set of rules,which would provide a framework for the arbitration,and its own form of administration to assist in the process.Interest rate swap feeA premium paid by the borrower for a hedging contract to convert a floating

125、interest rate into a fixed rate.The two parties agree to exchange interest rate payments based on a notional principal amount,with typically one paying a fixed rate and the other generally paying a floatingrate.Joint ventureAn alternative to full privatization in which the infrastructure is co-owned

126、 and operated by the public sector and private operators.Under a joint venture,the public and private sector partners can either form a new company or assume joint ownership of an existing company through a sale of shares to one or several private investors.The company may also be listed on the stoc

127、k exchange.Lenders step-in rightsLenders rights in project-financed arrangements to“step in”to the project companys position in the contract to take control of the infrastructure project where the project company is not performing.Table continuedcontinued on next pageDefinition of TermsxviiTermDefin

128、itionManagement contractA PPP type that expands the services to be contracted out and includes some or all of the management and operation of the public service(i.e.,utility,hospital,port authority).Although the ultimate obligation for service provision remains in the public sector,daily management

129、control and authority are assigned to the private partner or contractor.Inmost cases,the private partner provides working capital,but there is no financing for investment.Material adverse government actionAn action by the government that directly and materially affects the private party of a PPP pro

130、ject in performing its obligations under a relevant PPP contract,which would reasonably be expected to result in a material adverse effect.Net-cost contractA type of PPP contract arrangement in the railway sector under which all revenues(from fares and other sources)are retained by the developer,and

131、 traffic and revenue risks are absorbed either fully or based on a contractually agreed portion.Nominal interest rateAn interest rate applicable to a borrowing before taking inflation adjustment into account.In certain cases,nominal interest rate also refers to the advertised or stated interest rate

132、 on a borrowing,without taking into account any fees or compounding of interest.Nominal interest rate=Real interest rate+Inflation rateNonrecourse or limited recourse project financingThe financing of the development or exploitation of a right,natural resource,or other assets where the bulk of the f

133、inancing is to be provided by way of debt and is to be repaid principally out of the assets being financed and their revenues.Output-based aid(OBA)Development aid strategies that link the delivery of public services in developing countries to targeted performance-related subsidies.OBA provides a way

134、 in which international financial institutions can directly structure their financing to benefit poor people,even when the serviceprovider is a private company.OBA is the use of explicit,performance-based subsidies funded by the donor agencies to complement or replace user fees.It involves contracti

135、ng out of basic service provision to a third partysuch as private companies,nongovernment organizations,community-based organizations,and even public service providerswith subsidy payment tied to the delivery of specified outputs.This means that targeted and valuable subsidies to disadvantaged popul

136、ations are funded through donor funds.The private partner,on the other hand,can only recover this funding by achieving specific performanceoutcomes.Project bond financingAn alternative source of financing infrastructure project by placing bonds.Project developmentIndicates the stage of the PPP proje

137、ct life cycle including PPP project identification,preparation,structuring,and procurement up to commercial close between the government contracting agency and the private sector developer.Project development fund(PDF)A fund dedicated to reimbursing the cost of feasibility studies,transaction advise

138、rs,and other costs of project development to encourage contracting agencies to use high-quality transaction advisers and best practice.PDFs provide the specialized resources needed to conduct studies,design and structure a PPP,and procure thePPP.Real interest rateThe real interest rate is the intere

139、st rate applicable to a borrowing that takes inflation rate intoaccount.Real interest rate=Nominal interest rate Inflation rateTable continuedcontinued on next pagexviiiDefinition of TermsTermDefinitionRegulatory frameworkA framework encompassing all laws,regulations,policies,binding guidelines or i

140、nstructions,other legal texts of general application,judicial decisions,and administrative rulings governing or setting precedent in connection with PPPs.In this context,the term“policies”refers to other government-issued documents,which are binding on all stakeholders,are enforced in a manner simil

141、ar to laws and regulations,and provide detailed instructions for implementingPPPs.RehabilitateoperatetransferA PPP type whereby an existing facility is handed over to the private sector developer to refurbish,operate,and maintain for a franchise period,at the expiry of which the legal title to the f

142、acility is turned over to the government contractingagency.Risk allocation matrixMatrix indicating the allocation of the consequences of each risk to one of the parties in the PPP contract,or agreeing to deal with the risk through a specified mechanism,which may involve sharing the risk.Service cont

143、ractA PPP type under which the government contracting agency hires a private company or entity to carry out one or more specified tasks or services for a period,typically 13 years.Thegovernment contracting agency remains the primary provider of the infrastructure service and contracts out only porti

144、ons of its operation to the private partner.Theprivate partner must perform the service at the agreed cost and must typically meet performance standards set by the government contracting agency.Government contracting agencies generally use competitive bidding procedures to award service contracts,wh

145、ich tend to work well given the limited period and narrowly defined nature of these contracts.Social impact assessmentIncludes the processes of analyzing,monitoring,and managing the intended and unintended social consequencesboth positive and negativeof planned interventions(policies,programs,plans,

146、projects)and any social change processes invoked by those interventions.Itsprimary purpose is to bring about a more sustainable and equitable biophysical and human environment.Social infrastructureCovers social services,including hospitals,schools and universities,prisons,housing,andcourts.State-own

147、ed enterpriseA company or enterprise owned by the government or in which the government has a controlling stake.Swiss challengeA process in public procurement when a government contracting agency that has received an unsolicited bid for a project publishes details of the bid and invites third partie

148、s to match or exceed it.Tax holidayA government incentive program that offers tax reduction or elimination to projects and/or businesses.In the context of a PPP project,tax holidays are provided to exempt the concessionaire from making any tax payments during the initial demand ramp-up period to mak

149、e the project financially viable.Unsolicited bidA proposal made by a private party to undertake a PPP project.It is submitted at the initiative of the private party,rather than in response to a request from the government contractingagency.User chargesA method of investment recovery in PPP projects

150、when payments to the private party are fully derived from tariffs paid by users or offtakers over the lifetime of a PPP contract,in return for making infrastructure or services available for use at acceptable and contractually agreed performance standards.Viability gap fundA scheme wherein projects

151、with low financial viability are given grants(or other financial support from the government)up to a stipulated percentage of the project cost,making them financially viable as PPPs.Table continuedAbbreviationsAAI Airports Authority of IndiaAMRUT Atal Mission for Rejuvenation and Urban Transformatio

152、nBOT buildoperatetransferBRTS bus rapid transit systemCOD commercial operation dateDBFOT designbuildfinanceoperatetransferDEA Department of Economic AffairsEIA environmental impact assessmentEPC engineering,procurement,and constructionFDI foreign direct investmentFY fiscal yearGDP gross domestic pro

153、ductGST goods and services taxHAM hybrid annuity modelICA Indian Council of ArbitrationICT information and communication technologyIDF infrastructure debt fundsIFS Infrastructure Finance SecretariatIHSDP Integrated Housing and Slum Development Program IIPDF India Infrastructure Project Development F

154、undInvIT infrastructure investment trustIRCTC Indian Railways Catering and Tourism CorporationIT information technologyITMS Intelligent Transit Management SystemIWAI Inland Waterways Authority of IndiaJNNURM Jawaharlal Nehru National Urban Renewal Mission MCA model concession agreementMNRE Ministry

155、of New and Renewable EnergyMOF Ministry of FinanceMOHUA Ministry of Housing and Urban Affairs MORTH Ministry of Road Transport and HighwaysMSW municipal solid wasteMSWM municipal solid waste managementNBFC nonbanking financial companyNHAI National Highways Authority of IndiaNHDP National Highways De

156、velopment ProjectNHIDCL National Highways and Infrastructure Development Corporation LimitedNIP National Infrastructure PipelineNMCG National Mission for Clean GangaNMP National Monetization PipelineNRP National Rail PlanO&M operation and maintenancePACM post-award contract managementPMU project mon

157、itoring unitPPA power purchase agreementPPI Private Participation in InfrastructurePPP publicprivate partnershipPPPAC Public Private Partnership Appraisal CommitteePRU performance review unitROB road over bridgeRUB road under bridgeSERC state electricity regulatory commissionSMC Surat Municipal Corp

158、orationSPV special purpose vehicleSTP sewage treatment plantTAMP Tariff Authority for Major PortsTOD transit-oriented developmentTOT tolloperatetransferTRAI Telecom Regulatory Authority of IndiaTTO Telecommunication Tariff OrderUDD Urban Development DepartmentULB urban local bodyVGF viability gap fu

159、ndingxxAbbreviationsWeights and MeasuresGW gigawattkm kilometerLPCD liter per capita per day Mbps megabit per secondMLD million liters per dayCurrency Equivalents(As of 3 July 2023)Currency Unit Indian rupees()$1.00 81.9801.00$0.012 Guide to Understanding the PublicPrivate Partnership MonitorThe Pub

160、licPrivate Partnership Monitor(PPP Monitor),a key publication of the Asian Development Bank(ADB),profiles the current state of the publicprivate partnership(PPP)enabling environment in ADBs developing member countries(DMCs)in Asia and the Pacific.The PPP Monitor features,for the first time,a data-dr

161、iven,interactive online version that allows users to compare and contrast the key PPP parameters and features across the featured DMCs.While the featured countries are a small sample,more countries will be continually added in the PPP Monitor,which is expected to become a knowledge base for assessin

162、g a countrys PPP environment for the government and the business community.Thenew PPP Monitor builds on the success of the first and second editions of the PPP Monitor.The PPP Monitor provides a snapshot of the overall PPP landscape in the country.This downloadable guide also assesses more than 500

163、qualitative and quantitative indicators that have been structured per topicthe national PPP landscape,the sector-specific PPP landscape(for eight identified infrastructure sectors and a separate section for other sectors),and the PPP landscape for local government projects.The PPP Monitor also captu

164、res the critical macroeconomic and infrastructure sector indicators(including the Ease of Doing Business scores)from globally accepted sources.Each of the topics and associated subtopics presented below are characterized by qualitative and quantitative indicators.Qualitative indicators take the form

165、 of a question to which“Yes,”“No,”“NotApplicable,”or“Unavailable”answers can be given.Quantitative indicators are represented in the form of numbers,ratios,investment value,andduration.For each of the DMCs covered,the information and data are organized along the following topic clusters:OverviewTopi

166、c SubtopicsOverview Overview of the publicprivate partnership(PPP)legal and regulatory framework Number of PPP projects reaching financial close from 1990 to end of 2022 across sectors Total investment made in PPPs from 1990 to 2022 across sectors Features of past PPP projects including the number o

167、f PPPs procured through various modes Number of PPP projects under conceptualization and development Number of PPP projects supported by government Payment mechanism for PPPs Foreign sponsor participation in PPPs from 1990 to 2022 Major sponsors active in the infrastructure sector in the country Cha

168、llenges associated with the PPP landscape in the countryxxivGuide to Understanding the PublicPrivate Partnership MonitorNational PublicPrivate Partnership LandscapeIndicatorsTopic SubtopicsNational publicprivate partnership(PPP)legal and regulatory frameworkDetails on the legal and regulatory framew

169、ork applicable to PPPs and its evolution since the introduction of PPPs in the countryDetails on other supporting laws and regulations governing PPPs in thecountryPPP typesDetails on the PPP types allowed to be used in accordance with PPP legal and regulatoryframeworkIn case the PPP legal and regula

170、tory framework does not specify the PPP types,this section provides the details on the specific PPP types,which have been adopted for various PPP projects at various stages of the PPP life cycle.Eligible sectorsDetails on various infrastructure sectors for which projects could be procured through th

171、e PPP route in accordance with the PPP legal and regulatory frameworkPPP institutional frameworkDetails on the PPP institutional framework including the availability of a PPP unit;the functions of the PPP unit;the principal public entities associated with PPPs and their respective functions;and the

172、details of the public entities responsible for PPP project identification,appraisal,approval,oversight,and monitoringEntities responsible for PPP project identification,approval,and oversightEntities responsible for PPP project monitoringThe PPP processDetails on the various stages of the PPP proces

173、s including PPP project identification,preparation,structuring,procurement,and management,in accordance with the PPP legal and regulatory framework of thecountryPPP standard operating procedures,tool kits,templates,and model bid documentsDetails on the standard operating procedures and standard temp

174、lates or model bidding documents available for PPPs(if any)Details on the key clauses in a PPP agreement based on the review of select PPP agreements already executed,and/or the review of the PPP legal and regulatory frameworkLenders security rightsRights of lenders including the charge of project a

175、ssetsTermination and compensationDefinition on whether the private player is eligible for compensation in case of PPP project termination due to various reasonsUnsolicited PPP proposalsDetails on possibility of submission of unsolicited PPP proposals and their treatment,including potential advantage

176、s provided to the unsolicited PPP proposal proponent at the PPP procurement stageForeign investor participation restrictionsDefinition on whether there are any statutory restrictions on foreign equity investments and ownership in PPP projectsDispute resolutionDefinition of the dispute resolution pro

177、cess and the mechanisms available in the countryEnvironmental and social issuesDetails on whether the legal and regulatory framework governing PPPs stipulates a mechanism for managing the environmental and social impact of a PPP project,including the potential environmental and social issues,which c

178、ould be caused by a PPP projectcontinued on next pageGuide to Understanding the PublicPrivate Partnership MonitorxxvTopic SubtopicsLand rightsDefinition of the various mechanisms through which landownership and/or land use rights could be provided to the private partner with respect to the project s

179、ite for a PPP projectDetails on land records and registration,which could be provided to the privatepartnerGovernment financial support for PPP projectsDetails on the various mechanisms of government financial support available to make PPP projects financially viableSalient features of government fi

180、nancial support mechanisms availableProject development funding supportDetails on the various sources through which funding could be availed for the development activities(preparation,structuring,and procurement)of a PPP projectDetails on stages of the PPP project development during which such fundi

181、ng could be availed and utilized,including payments to transactionadvisorsPPP project statisticsDetails on key PPP statistics in the country such as the availability of(i)a PPP database showing distribution of PPP projects across sectors and across various stages of the PPP life cycle,and(ii)a natio

182、nal PPP project pipeline and its alignment with the National Infrastructure Pipeline for the countrySources of PPP financingDetails on the sources of financing for PPP projects in the countryDetails on typical key financing terms for various sources of financing,banks active in project finance for t

183、he last 24 months,active PPP project sponsors in the country for the last 24 months,availability of derivatives market,and availability of credit rating agencies in thecountrySector-Specific PublicPrivate Partnership LandscapeIndicatorsTo profile the sector-specific PPP landscape,the indicators are

184、grouped into five major categories:(i)sector-specific PPP contracting agencies,(ii)sector laws and regulations,(iii)sector master plan(including sector-specific PPP pipeline),(iv)features of the past PPP projects in the sector,and(v)sector-specific challenges for PPPs.The sectors,which do not appear

185、 consistently across the featured countries,are covered under the“Other Sectors”category in the sector-specific PPP landscape.Topic SubtopicsContracting agencies in the sectorDetails on which government agencies could act as the contracting agencies for a publicprivate partnership(PPP)projectSector

186、laws and regulationsDetails on the applicable sector laws and regulations for PPP projects,including the sector regulators and their respective functionsForeign investment restrictions in the sectorDetails on the maximum allowed foreign equity investment in greenfield PPP projects in the sectorconti

187、nued on next pageTable continuedxxviGuide to Understanding the PublicPrivate Partnership MonitorTopic SubtopicsStandard contracts in the sectorSpecification on whether standard contracts are available for PPP projects in thesectorSector master planDetails on the master plan and/or road map adopted f

188、or infrastructure development in the sector by the national government and the corresponding line ministryDetails on the pipeline of PPP projects for the sector aligned with this sector master plan and/or road mapDetails on the PPP projects under conceptualization and development in the sectorFeatur

189、es of past PPPprojectsFeatures of the past PPP projects based on supporting indicators in terms of the number and value(where applicable)of PPP projects for each supporting indicatorTariffs applicable to thesectorDetails on the indicative tariffs applicable in the sector based on the examples of sel

190、ect PPP or other projects operational in the sectorTypical risk allocation for PPP projects in thesectorDetails on the typical risk allocation between the government contracting agency and the private partner based on examples of select PPP projects that have achieved commercial closeFinancing detai

191、ls of PPP projects in the sectorTypical financing details based on past PPP projects on the lines of the supporting indicatorsChallenges associated with PPPs in the sectorDetails on the PPP-related and sector-specific challenges faced by PPPprojects in the sectorTypical sector-specific infrastructur

192、e indicators for the countryDetails on select sector-specific infrastructure indicators for thecountryLocal Government PublicPrivate PartnershipLandscapeTo profile the PPP landscape for local government projects,the indicators are grouped into seven major categories:(i)local governance system,(ii)in

193、frastructure development plans for local governments,(iii)sectors in which local governments can implement PPPs,(iv)revenue sources for local governments,(v)borrowings by local governments,(vi)budgetary allocation to local governments,and(vii)credit rating of local governments.Topic SubtopicsKey ind

194、icators related to local governments in the countryDetails on the local governments using select key indicators:(i)the number and levels of local governments,(ii)the typical expenditure profile and heads,(iii)the typical revenue profile and heads,(iv)the typical debt profile and heads,and(v)grants a

195、nd transfers from the higher levels of governmentLocal governance systemDetails on the local governance system in the country,including the various levels of local governments;their roles,responsibilities,and functions;and the devolution of powers from the higher levels of government to the various

196、levels of local governmentsTable continuedcontinued on next pageGuide to Understanding the PublicPrivate Partnership MonitorxxviiTopic SubtopicsInfrastructure development plan for local governmentsDetails on the infrastructure development plans prepared by the local governments based on their capita

197、l investment projects in the pipeline,and the coverage of such infrastructure development plansPublicprivate partnership(PPP)enabling framework for local governmentsDetails on the PPP enabling framework applicable to local government PPP projects,including PPP legal and regulatory framework,PPP poli

198、cy framework,and PPP institutional frameworkEligible sectors for PPPs for local governmentsDetails on the eligible sectors in which PPPs could be undertaken by the local government as government contracting agencyRevenues for local governmentsDetails on the typical sources of revenue for local gover

199、nmentsBorrowings by local governmentsDetails on the typical sources of debt financing available for local governments,the purpose for which borrowed funds could be used,theterms of such borrowings,and the borrowing exposure of select local governmentsBudgetary allocation to local governmentsDetails

200、on the budgetary allocations and transfers to the local governments from the higher levels of governmentCredit rating of local governmentsDetails on the precedence of local governments being rated by credit rating agencies in the country,and the details of credit ratings obtained by select local gov

201、ernments in the pastCase study on a local government PPPA case of a PPP project undertaken by a local government in the past covering details on project background,project assets,PPP structure for the project,risk allocation among the parties for the project,project finance and project revenue detai

202、ls,and key learnings from the PPP projectCritical Macroeconomic and Infrastructure Sector IndicatorsThis section captures the critical macroeconomic and infrastructure sector indicators(including the Ease of Doing Business scores)from globally accepted sources.Topic SubtopicsCritical macroeconomic a

203、nd infrastructure sector indicatorsDetails of the select key macroeconomic and infrastructure indicators for thecountryEase of Doing BusinessDetails on the various Ease of Doing Business parameters for the country based onthe World Banks Ease of Doing Business publicationTable continuedxxviiiGuide t

204、o Understanding the PublicPrivate Partnership MonitorTime PeriodsThe research was carried out in 2023 with the aim of reflecting the status as of the end of 2022.Therefore,some indicator data may have changed between the said period and the publication date ofthis report.In country-level and sector-

205、level sections,quantitative data in relation to the number of projects reflect the cumulative number of projects over the periods 19902020,19902021,and 19902022.Otherwise,the data represent the status at each individual year.I.OverviewIndias economy has greatly benefited from the infrastructure sect

206、or,which has been a crucial driver.Realizing the importance of private investments in Indias infrastructure growth,the country has systematically rolled out a publicprivate partnership(PPP)program to deliver high-priority public utilities and infrastructure.By the turn of the last decade,the scale a

207、nd diversity of Indias PPP program have expanded significantly.According to the Economist Intelligence Units 2018 Infrascope report,among the 19 Asian countries ranked,India ranked first in overall investment and business climate and second in terms of financing environment.The country ranked third

208、in institutional maturity,and third overall in having an ideal environment for PPP projects.1Trends in Infrastructure Investment in IndiaThe infrastructure of an economy plays a crucial role in driving its advancement and laying the foundation for future development opportunities.Infrastructure inve

209、stment in India during fiscal year(FY)2013 to FY2019 is estimated at 56.48 trillion($688 billion).2 Indias infrastructure investment for FY2022FY2023 was about 7.5trillion($91.48 billion)and is expected to be 10 trillion($121.98billion)for FY2024.The National Infrastructure Pipeline(NIP)was launched

210、 with the projected infrastructure investment of 111trillion($1.35 trillion)during the period 20202025,with the majority of projects in the sectors like energy,roads,urban infrastructure,and railways.3 It is jointly funded by the central government,the state governments,and the private sector.The ce

211、ntral(39%)and state(40%)governments have nearly equal contribution,while the private sector has a 21%share.According to the 2023 Infrastructure Yearbook of CRISIL Limited(formerly Credit Rating Information Services of India Limited),India will spend nearly 143 trillion on infrastructure over 2024203

212、0,more than twice the estimated 67 trillion spent over 20172023.Of the total,about 36.6 trillion will be green investments,marking a rise of five times compared with FY2017 through FY2023.It also 1 Economist Intelligence Unit.2018.InfrascopeIndia Country Report.2 Government of India,Ministry of Fina

213、nce(MOF),Department of Economic Affairs(DEA).2019.National Infrastructure Pipeline.Volume 1.3 Government of India,MOF,Press Information Bureau.2021.A Strong V-Shaped Recovery of Economic Activity.Pressrelease.29 January.2PublicPrivate Partnership MonitorIndiahighlights that traditional sectors like

214、roads and power are anticipated to sustain their significant roles,with emerging sectors like electric vehicles,solar,wind,and hydrogen poised to gain momentum.Table 1 provides an estimate of infrastructure investments lined up until 2030.4Table 1:Estimated Total Investments for the Infrastructure S

215、ector(trillion)20172023 20242030 Core infrastructure50.496.8Roads18.337.3Railways12.425.6Urban infrastructure8.618.9Other infrastructure11.115.0 Source:CRISIL.2023.Indias Infrastructure Spending to Double to 143 trillion between Fiscals 2024 and2030,Compared with 2017-2023.Press release.17 October.H

216、owever,achieving this goal requires substantial investments in infrastructure and the involvement of multiple stakeholders for the overall growth of the society.In recent years,PPPs have been an important source of investment in the infrastructure sector in India.According to the World Banks Private

217、 Participation in Infrastructure(PPI)2023 Half Year report,India ranked fourth in total investments made by the private sector in infrastructure sector.Much of this could be attributed to various initiatives taken by the Government of India.Additionally,efforts are being made to improve the infrastr

218、ucture development trajectory in India.In national highways,a step-up in public outlays as a response has helped increase the pace of construction.In June 2022,the Minister of Road Transport and Highways opened 15 national highway projects worth 135.85 billion($1.7billion)in Patna and Hajipur,Bihar.

219、The proactive policy efforts have also largely contributed to unclogging stalled projects.Recalibrated PPP models,including the hybrid annuity model(HAM)and tolloperatetransfer(TOT),have since helped crowd-in private investments.Similarly,in renewable energy,supported by largely favorable government

220、 policies and market conditions,an 18-gigawatt(GW)capacity was added in 2018 alone,notwithstanding recent headwinds.The Union Minister for New and Renewable Energy and Power has informed that the installed renewable energy capacity in India has increased from 115.94 GW in March 2018 to 172.00GW in M

221、arch 2023(i.e.,an increase of about 1.48 times).According to the Central Electricity Authority,365.60 billion units of electricity had been generated over 20222023 from renewable energy sources across the country.Globally,India has the fourth-largest installed capacity of renewable energy,according

222、to theRenewable Energy Statistics 2023 released by the International Renewable EnergyAgency.54 CRISIL.2023.Indias Infrastructure Spending to Double to 143 trillion between Fiscals 2024 and 2030,Compared with 2017-2023.Press release.17 October.5 International Renewable Energy Agency.2023.Renewable En

223、ergy Statistics 2023.July.Overview3The Electricity Act introduced the franchisee model,which allowed for private sector participation in the distribution of electricity in specified areas,leading to an increase in PPPs in the power distribution sector.While the port sector has witnessed active priva

224、te participation since the 1990s,the airport sector saw a strong interest in the recent decade.Through several initiatives such as Housing for All and Smart Cities,the government has been working on reducing the bottlenecks that impede growth in the urban and social infrastructure sectors.The NITIAa

225、yog launched the National Monetization Pipeline(NMP)comprising potential brownfield infrastructure assets.The monetization of operating public infrastructure assets has now been recognized as a key financing option for new infrastructure construction.The total value to be unlocked from the NMP is ab

226、out 6,000 billion($73.2 billion)for core assets of the central government.TheMinistry of Finance(MOF)proposes to create an asset monetization dashboard to track progress and provide visibility to investors.Some important measures for monetization are as follows:The National Highways Authority of(NHA

227、I)and the Power Grid Corporation of India Limited have each sponsored one Infrastructure Investment Trust(InvIT)to attract international and domestic institutional investors.Five operational roads,with an estimated enterprise value of 50 billion,are being transferred to the InvIT promoted by the Nat

228、ional Highways Authority of India.Similarly,transmission assets valued at 70 billion will be transferred to the InvIT promoted by the Power Grid Corporation of India Limited.In October 2022,the National Highways Infra Trust(NHAI InvIT),an infrastructure investment trust sponsored by the NHAI to supp

229、ort the Government of Indias NMP,had raised the sum of 14.30 billion($174.5 million)from domestic and international investors through the placement of its units,to partially fund the acquisition of three additional road projects from NHAI.Railways will monetize Dedicated Freight Corridor assets for

230、operation and maintenance(O&M),after commissioning.Based on the NMP,25 airports managed by the Airports Authority of India(AAI)have been earmarked for asset monetization over 20222025:Agartala,Amritsar,Bhopal,Bhubaneswar,Calicut,Chennai,Coimbatore,Dehradun,Hubli,Imphal,Indore,Jodhpur,Madurai,Nagpur,

231、Patna,Raipur,Rajahmundry Ranchi,Surat,Tirupati,Trichy,Udaipur,Vadodara,Varanasi,andVijayawada.6 Other core infrastructure assets that are being rolled out under the asset monetization programme are the following:(i)NHAI operational toll roads;(ii)transmission assets of the Power Grid Corporation of

232、India Limited;(iii)oil and gas pipelines of GAIL(India)Limited,Indian Oil Corporation Limited,and Hindustan Petroleum Corporation Limited;(iv)AAI airports in Tier II and III cities;(v)other railway infrastructure assets;(vi)warehousing assets of central public sector enterprises such as the Central

233、Warehousing Corporation and the National Agricultural Cooperative Marketing Federation of India Limited(NAFED);and(vii)sports stadiums.76 Government of India,Ministry of Civil Aviation,Press Information Bureau.2021.25 AAI Airports Earmarked for Asset Monetization under National Monetization Pipeline

234、;AAI Has Identified 13 Airports for Operations,Management and Development of the Airports through PPP Mode.Press release.9 December.7 Government of India,MOF,Press Information Bureau.2021.Launch of National Monetization Pipeline for Monetizing Operating Public Infrastructure Assets.Press release.1 F

235、ebruary.4PublicPrivate Partnership MonitorIndiaFrom 1990 to 2022,a total of 1,265 PPP projects for different sectorssuch as airports,collection and transport,electricity,information and communication technology(ICT),integrated municipal solid waste,natural gas,ports,railways,roads,treatment or dispo

236、sal,water,and sewageachieved financial close.8 The total investment made in these projects was about$295.56 billion(24.23 trillion).During this period,about 3%of the total number of projects(amounting to 5%of the total investment)were cancelled.The road and energy sectors have been the most active,a

237、ccounting for more than 84%of the total number of projects that achieved financial close.Energy takes up the highest share of total investments in such projects,followed by roads,airports,ports,railways,ICT,and water and wastewater.Figure 1 depicts the number of PPP projects that achieved financial

238、close,while Figure 2 presents the status of projects across various sectors.The average size of a project that achieved financial close in the airport sector was highest at$816million(66.90 billion),followed by the railways sector at$723 million(59.27 billion).Across the sectors,the average size of

239、a project reaching financial close was$302.62 million(24.81 billion).Figure3 shows the total investment in each sector from 1990 to 2022,and the average size of a PPP project in each of the sectors.8 World Bank.Infrastructure Finance,PPPs and Guarantees.Custom Query(accessed 3 January 2024).Figure 1

240、:PublicPrivate Partnership Projects Financially Closed and Cancelled,19902022 ICT=information and communication technology.Notes:Others are projects related to solid waste management and/or municipal solid waste.The hyphen symbol(-)means there are no projects in the sector,data are unavailable or no

241、t applicable,according to the database.Source:World Bank.Infrastructure Finance,PPPs and Guarantees.Custom Query(accessed 3 January 2024).491 11 54 18 561 23 23 48 27-1-5-2 1 Roads Railways Ports Airports Energy Water andwastewaterSocial infrastructure ICT Others Active and concluded Distressed and

242、cancelledOverview5Figure 2:Status of PublicPrivate Partnership Across Sectors,19902022ICT=information and communication technology.Notes:Others are projects related to solid waste management and/or municipal solid waste.The hyphen symbol(-)means there are no projects in the sector,data are unavailab

243、le or not applicable,according to the database.Source:World Bank.Infrastructure Finance,PPPs and Guarantees.Custom Query(accessed 3 January 2024).17623561114821322-83-24-271-11-9-1-1-AirportsCollection/TransportICTEnergyRailwaysRoadsTreatment/DisposalWater and sewerageSocial infrastructureOthersNo.o

244、f distressed projectsNo.of concluded projectsNo.of cancelled projectsNo.of active projectsFigure 3:Investments in PublicPrivate Partnerships by Sector,19902022($million)ICT=information and communication technology,PPP=publicprivate partnership.Note:Others are projects related to solid waste manageme

245、nt and/or municipal solid waste.Source:World Bank.Infrastructure Finance,PPPs and Guarantees.Custom Query(accessed 3 January 2024).157,569 98,928 14,687 9,954 7,958 3,272 1,663 1,536 278 191 816 181 723 131 34 67 -Energy Roads Airports Ports Railways ICT Others Water andwastewater Sector wise total

246、investment in PPPs Average project size6PublicPrivate Partnership MonitorIndiaFrom 1990 to 2022,a total of 200 projects were procured through direct appointment,and 767projects by way of competitive bidding process,across various infrastructure sectors.Information on 281projects was unavailable.Figu

247、re 4 indicates the number of projects that were procured through different modes.PPP projects at various stages under conceptualization and development across various infrastructure sectors for 20202022 are shown in Figure 5.Figure 4:Various Modes of Procuring PublicPrivate Partnership Projects,1990

248、2022ICT=information and communication technology.Notes:Others are projects related to solid waste management and/or municipal solid waste.The hyphen symbol(-)means there are no projects in the sector,data are unavailable or not applicable,according to the database.Source:World Bank.Infrastructure Fi

249、nance,PPPs and Guarantees.Custom Query(accessed 3 January 2024).Energy Roads Airports Ports Railways ICT OthersWater andwastewaterSocialinfrastructure4 1 8 2 182 2-1-1-16-447 9 26 11 219 18 1-36 Direct appointmentUnsolicited bidsCompetitive bidsFigure 5:PublicPrivate Partnership Projects Under Conce

250、ptualization and Development,20202022ICT=information and communication technology.Notes:Projects under preparation and procurement have been extracted from the website of India Investment Grid.Projects in the exhibit include projects under the National Infrastructure Pipeline(NIP)and non-NIP.The NIP

251、 is a live and updated repository of infrastructure projects that provides attractive investment opportunities in projects.The non-NIP includes additional project opportunities collated by India Infrastructure Grid.Source:Government of India,Ministry of Commerce and Industry,Department for Promotion

252、 of Industry and Internal Trade,India Investment Grid.Projects under NIP and Non-NIP(accessed 15 July 2023).Roads Airports Ports Railways ICTEnergy Water andwastewaterSocialinfrastructureMunicipal solid wasteProjects under conceptualizationProjects under development 495403126412372361196280413163Ove

253、rview7From 1990 to 2022,a total of 367 projects received support in the form of viability gap funding from the government and 89 projects received government guarantees.Figure 6 presents the number of projects that received government support across various sectors.In terms of funding mechanism or p

254、ayment mechanism,during the same period,368 projects were awarded on user-charges basis,while 189 projects were on government pay(offtake).Figure 7 shows,bysector,the number of projects under each payment mechanism.Figure 6:PublicPrivate Partnership Projects with Government Support,19902022ICT=infor

255、mation and communication technology.Notes:Others are projects related to solid waste management and/or municipal solid waste.The hyphen symbol(-)means there are no projects in the sector,data are unavailable or not applicable,according to the database.Source:World Bank.Infrastructure Finance,PPPs an

256、d Guarantees.Custom Query(accessed 3 January 2024).3024112912-187-802-RoadsRailwaysPortsAirportsEnergy Water andwastewaterICTSocialinfrastructureOthersViability gap fundingGovernment guaranteeFigure 7:Payment Mechanisms for PublicPrivate Partnership Projects,19902022ICT=information and communication

257、 technology.Notes:Others are projects related to solid waste management and/or municipal solid waste.The hyphen symbol(-)means there are no projects in the sector,data are unavailable or not applicable,according to the database.Source:World Bank.Infrastructure Finance,PPPs and Guarantees.Custom Quer

258、y(accessed 3 January 2024).264 8 25 10 45 8 8-141 2-1 10-35 RoadsRailwaysPortsAirportsEnergyWater andwastewaterICTSocialInfrastructureOthersUser chargesGovernment pay(oftake)8PublicPrivate Partnership MonitorIndiaOver 3 decades,India has witnessed active participation of foreign sponsors.A total of

259、259 projects attracted participation from foreign sponsors,with half of them in the energy sector.Information about 95 projects was either partially available or unavailable from the database.Figure 8 shows the distribution of PPP projects across various infrastructure sectors.Figure 8:Foreign Spons

260、or Participation,19902022(No.of projects,%of total)ICT=information and communication technology.Notes:Others are projects related to solid waste management and/or municipal solid waste.The hyphen symbol(-)means there are no projects in the sector,data are unavailable or not applicable,according to t

261、he database.Source:World Bank.Infrastructure Finance,PPPs and Guarantees.Custom Query(accessed 3 January 2024).RoadsRailwaysPortsAirportsEnergyWater and wastewaterICTOthers9,3%22,9%2,1%63,24%130,50%15,6%11,4%7,3%Recent Trends in the PublicPrivate Partnership LandscapeIn the PPP space,India has witne

262、ssed the emergence of innovative models aimed at promoting sustainable infrastructure development while addressing a diverse array of socioeconomic challenges.One notable trend involves the integration of technology-centric collaborations,leveraging advancements in digital infrastructure to enhance

263、efficiency and accessibility across multiple sectors.Initiatives such as the Smart Cities Mission and Digital India have catalyzed the adoption of pioneering PPP frameworks,placing a strong focus on intelligent solutions for urban development,e-governance,and digital connectivity.These collaborative

264、 efforts prioritize the creation of scalable and inclusive solutions,utilizing private sector expertise and resources to effectively meet societal needs.Thegrowth of the PPP ecosystem in the country is further supported by frameworks that facilitate private investment in critical infrastructure proj

265、ects,with the goal of optimizing risk-sharing mechanisms,attracting long-term investments,and ensuring the sustainable development of vital infrastructure.AsIndia advances its development agenda,the ongoing evolution of PPPs plays a crucial role in fostering inclusive growth,innovation,and resilienc

266、e.Overview9Some of the areas where PPPs are emerging are as follows:(i)Digital agriculture.PPPs in the field of digital agriculture establish strategic collaborations aimed at utilizing technology to transform practices within the agricultural value chain.Theprimary goal is to grant the government a

267、ccess to new technologies,expertise,and innovative ideas,while also providing the private sector with access to the Agri Stack and establishing linkages with government networks in districts and villages.Ultimately,PPPs in digital agriculture aim to modernize conventional farming methods,champion su

268、stainability,minimize environmental impact,and enhance agricultural output to meet the continually growing global demand for food.(ii)Urban mobility.In an effort to meet the increasing mobility demands of the expanding urban population and facilitate the transition from private to public transportat

269、ion,PPPs play a crucial role in urban passenger rail projects and bus rapid transit systems,and in enhancing last-mile connectivity.These partnerships are instrumental in improving productivity and contributing to the overall social welfare by addressing the evolving transportation needs of urban dw

270、ellers.(iii)Monetization publicprivate partnerships.The NITIAayog,Government of India has launched the NMP to monetize asset rights,ensure stable revenue streams from brownfield development across existing infrastructure in the country,and develop structured partnerships under defined contractual fr

271、ameworks with strict key performance indicators and performance standards.PPPs are expected to play a significant role in implementing this strategy.(iv)Transit-oriented development.The transit-oriented development(TOD)through PPP in India has gained momentum with the introduction of a new TOD polic

272、y.The TOD policy provides a regulatory framework and incentives to facilitate private investment in TOD projects,seeking to address challenges associated with urbanization,congestion,and environmental sustainability.The TOD policy in India emphasizes mixed-use developments,integrating residential,co

273、mmercial,and recreational spaces near public transportation hubs.By fostering such synergies,the policy aims to enhance connectivity;reduce traffic congestion;and create livable,pedestrian-friendly environments.As India experiences rapid urbanization,TOD through PPP emerges as a crucial strategy to

274、address the growing demand for efficient and accessible urban spaces,fostering economic growth while prioritizing environmentally conscious and inclusivedevelopment.Way ForwardAs Indias economy continues to grow rapidly,there is a need for robust physical and social infrastructure to support its dev

275、elopment.With a population expected to reach 1.52 billion by 2036,and 70%of them residing in urban areas,there are opportunities to enhance infrastructure services to meet the evolving needs of its dynamic population.9 To achieve the$5 trillion gross domestic product(GDP)by FY2025,India needs to spe

276、nd$1.4trillion on infrastructure,according to an economic survey.10 It is estimated that India needs to invest$840billion over the next 15 years into urban infrastructure to meet the needs 9 Government of India,Ministry of Health and Family Welfare,National Commission on Population.2020.Population P

277、rojections for India and States 20112036.Census of India 2011.10 The Economic Times.2022.To Achieve$5 Trillion GDP by FY25,India Needs to Spend about$1.4 Trillion on Infra:EcoSurvey.31January.10PublicPrivate Partnership MonitorIndiaof its fast-growing population.11 Scaling up investment in infrastru

278、cture,enhancing allocative efficiency of productive inputs like water,making cities more livable,and stemming the long-term effects of climate change are urgent imperatives for India.Infrastructure investments in India have shown steady growth.For instance,India is expected to spend nearly 143 trill

279、ion on infrastructure over FY2024 to FY2030,more than twice the 67 trillion spent over FY2017 toFY2023.The infrastructure sector has become the biggest focus area for the Government of India.India plans to spend$1.4 trillion(114.8 trillion)on infrastructure during 20192023.The government has propose

280、d an investment of 50 trillion($610 billion)for railways infrastructure over 20182030.12 Several other government initiatives like PM Gati Shakti,National Logistics Policy(NLP),the National Infrastructure Pipeline(NIP),and NMP will help India achieve its economic growth target of$5 trillion by 2025.

281、The PM Gati Shakti program,launched by the Government of India with an outlay of 100 trillion in 2021,aimed at improving infrastructure development and enhancing the efficiency of transportation and logistics networks in the country.It focuses on integrated and multimodal connectivity to boost econo

282、mic growth and sustainable development driven by seven enginesroads,railways,ports,airports,waterways,mass transport,and logistics infrastructure.These engines are further supported by the complementary roles of energy transmission,ICT,bulk water and sewerage,and social infrastructure.Also,to comple

283、ment the PM Gakti Shakti plan,the NLP was launched on 17 September 2022 to drive economic growth and business competitiveness of the country through an integrated,seamless,efficient,reliable,green,sustainable,and cost-effective logistics network by leveraging best in class technology,processes,and s

284、killed labor.This will reduce logistics costs and improve performance.Thetargets of the NLP are to(i)reduce cost of logistics in India,(ii)improve the Logistics Performance Index ranking(target is to be among the top 25 countries by 2030),and(iii)create data-driven decision support mechanism for an

285、efficient logistics ecosystem.To achieve these targets,the Comprehensive Logistics Action Plan was launched.Given Indias significant infrastructure financing requirements,there is an emphasis on enhancing investments by proactively addressing upstream policy or structural considerations and establis

286、hing alternative nonbank financing mechanisms.It presents an opportunity to overcome both financial and nonfinancial barriers to commercial infrastructure financing,paving the way for financing solutions that effectively leverage limited public funding to accelerate the provision of high-quality inf

287、rastructure.Additionally,exploring local-level financing and balance street strengthening present promising avenues for further advancement.11 World Bank.2022.Indias Urban Infrastructure Needs to Cross$840 Billion Over Next 15 Years:New World Bank Report.Press release.14 November.12 India Brand Equi

288、ty Foundation.Infrastructure Sector in India.II.National PublicPrivate Partnership LandscapeIndias approach to PPPs is decentralized,reflecting diverse frameworks across states.At the central level,the Government of India has developed guidelines,policies,and manuals to promote standardization and b

289、est practices in PPP development and implementation.For instance,the Guidelines for Formulation,Appraisal,and Approval of Central Sector PublicPrivate Partnership Projects offer comprehensive guidance for central projects.13 Additionally,various central regulations,such as the viability gap funding(

290、VGF)guidelines,harmonized list of infrastructure subsectors,the model concession agreements,and the Public Private Partnership Appraisal Committee(PPPAC),contribute to providing a central framework for PPP projects.The PPPAC especially contributes to the standardization of frameworks.Additionally,th

291、e Infrastructure Finance Secretariat(IFS)serves as a central institution overseeing the PPP initiatives.The government has taken measures to strengthen the PPP framework by formulating new innovative PPP models,such as the hybrid annuity model(HAM)and the tolloperatetransfer(TOT)model,to revive the

292、interest of private entities and financial institutions in PPP projects.Additionally,the use of innovative finance mechanisms,such as the VGF,in the development of silos in the food and agriculture sector14 and in medical colleges and hospitals in the healthcare sector15 have supported projects that

293、 are economically justified but fell just short of financial viability.National PublicPrivate Partnership EnablingFramework1.PublicPrivate Partnership Legal and Regulatory FrameworkParameterDoes the country have a national publicprivate partnership(PPP)law and PPP regulations?Public financial manage

294、ment laws and regulations?Sector-specific laws and regulations?Procurement laws and regulations?Environmental laws and regulations?Laws and regulations for social compliance?Laws and regulations governing land acquisition and ownership?Taxation laws and regulations?Employment laws and regulations?Li

295、censing requirements?PPPPPPPPPWhat are the other components of the PPP legal and regulatory framework?NAP=Yes,O=No,NA=Not Applicable,UA=Unavailable.13 Asian Development Bank(ADB).2019.PublicPrivate Partnership Monitor.Second Edition.14 Government of India,MOF,DEA.Viability Gap Funding Scheme.Silos S

296、ector.15 Government of India,MOF,DEA.Viability Gap Funding Scheme.Healthcare Sector.12PublicPrivate Partnership MonitorIndiaThe Government of India has also taken a series of measures to improve the PPP environment in thecountry:Set up in 2006,the India Infrastructure Finance Company Limited provide

297、s long-term debt for financing infrastructure projects.In 20072008,the India Infrastructure Project Development Fund(IIPDF)was created to help finance the cost incurred for developing PPP projects,particularly the costs of transaction advisors.IIPDF supports up to 75%of the project development expen

298、ses.The Ministry of Finance(MOF)centralizes the coordination of PPPs through the Infrastructure Finance Secretariat of the Department of Economic Affairs(DEA).In 2011,the DEA published guidelines for the formulation and approval of PPP projects.This was part of an endeavor to streamline PPP procedur

299、es and strengthen the regulatory framework at the national level to expedite PPP projects approval.The PPPAC is responsible for PPP project appraisal at the central level.The government also created a VGF scheme for PPP projects to help promote the sustainability of infrastructure projects.This sche

300、me provides financial support(grants)to infrastructure projects,normally in the form of a capital grant at the stage of project construction(up to 20%of the total project cost supplemented by another 20%by the respective state governments or statutory authorities).A dedicated website managed by the

301、Private Investment Unit(formerly PPP Cell)under the DEA,www.pppinindia.gov.in,provides inventory of all PPP projects including a repertoire of concession agreements signed for the projects.To aid ministries in project preparation and decision-making,the government has issued a series of guidance not

302、es and PPP tool kits,which provide sector-specific guidelines for five sectors:state highways,water and sanitation,ports,solid waste management,and urbantransport.Standardized model bidding documents,such as request for qualification,request for proposal,and model concession agreements for different

303、 sectors,have been developed.Post-award contract management(PACM)manuals have been made available by the DEA to guide the delivery of PPP projects.The manuals are available for highways,ports,and schoolsectors.In 2015,to further improve private sector participation in the road sector,the government

304、launched HAM primarily to safeguard developers and lenders from the risks or challenges posed by conventional models such as the designbuildfinanceoperatetransfer(DBFOT)and buildoperatetransfer(BOT)models(footnote 13).In 2016,the government issued the PPP Guide for Practitioners to assist practition

305、ers in managing PPP projects throughout the project life cycle.On 21 September 2017,the government announced a new PPP policy to promote private investments in affordable housing.The policy allows central assistance of up to 250,000 per house to be built by private builders on private land.It furthe

306、r provides eight PPP options for the private sector to invest in affordable housing sector.Apart from HAM,the government has also introduced the TOT model in the road sector,and programs such as the Sagarmala Program for port-led development,the Station Redevelopment Program in the railway sector,an

307、d the Regional Connectivity Scheme in the civil aviation sector,to attract private investments(footnote 13).In November 2020,the Cabinet Committee on Economic Affairs approved the continuation and revamping of the Scheme for Financial Support to PublicPrivate Partnerships in Infrastructure(VGF schem

308、e)until 20242025,with a total outlay of 81billion($0.99 billion).National PublicPrivate Partnership Landscape13The VGF scheme provides financial support in the form of grants,one-time or deferred,to infrastructure projects undertaken through PPPs with a view to make them commercially viable.The DEA

309、has empaneled 12 transaction advisors for PPP projects in the country to support the project sponsoring authorities during the transaction of PPP projects.In July 2022,the DEA published a transaction advisors manual to be used by the project sponsoring authorities.Themanual is a step-by-step guide t

310、hat project sponsoring authorities can refer to while onboarding a transaction advisor from the DEAs empaneled transaction advisors for their PPPprojects.The DEA released an updated harmonized list of infrastructure subsectors in October 2022.“Data centers”were categorized under“Communication”and“en

311、ergy storage systems”under“Energy.”The list was originally published in 2009 and has seen several additions of subsectors from time to time.In November 2022,the DEA restructured the existing IIPDF as a central sector scheme with atotal outlay of 1,500 million($18.3 million)for a period of 3 years,fr

312、om 20222023 to 20242025.In June 2023,the government also issued a reference guide for setting up state PPP units and a guide for PPP project appraisal.In September 2023,the IFS published the Waterfall Framework,which seeks to aid Project Sponsoring Authorities in developing successful infrastructure

313、 projects through selecting the appropriate PPP implementation mode.16PPP procurement is governed by a combination of the Constitution of India and certain rules,procedures,and manuals as follows:General Financial Rules,2017;Delegation of Financial Powers Rules,1978;Manual for Procurement of Goods,2

314、017;The Central Vigilance Commission Guidelines include guidelines on prequalification criteria,increasing transparency in the procurement process,and integrity pact between the procurer and the prospective bidders.The Comptroller and Auditor General,the supreme audit institution in India,has issued

315、 the PPP in Infrastructure Projects,Public Auditing Guidelines,Comptroller and Auditor General of India,2009 to provide guidance on the auditing processes related to PPP projects in the country(footnote 13).The DEA is in the process of preparing a procurement manual that aims to bring together at on

316、e place the step-by-step procedures for undertaking PPPs.This manual for procurement embodies the best practices for PPP procurement and aims to provide a guiding document for PPP procurement.16 Government of India,MOF,DEA,Infrastructure Finance Secretariat.2023.Reference Guide for Project Implement

317、ation Mode SelectionWaterfall Framework.14PublicPrivate Partnership MonitorIndiaThe detailed guidelines for appraisal and/or approval of PPP projects at the central government level,published by the DEA,are as follows:Procedure for approval of PPP projects and guidelines for formulation,appraisal,an

318、d approval of PPP projects at central level(notification dated 12 January 2006,and further revised,consolidated,and notified in 2013);17 Guidelines for formulation,appraisal,and approval of PPP projects costing less than 1,000million($13.70 million);Guidelines for formulation,appraisal,and approval

319、of PPP projects(i)of all sectors costing more than 1,000 million($13.70 million)and less than 2,500 million($34.24 million),and(ii)under the National Highways Development Project(NHDP)costing more than 2,500million($34.24 million)and less than 5,000 million($68.48 million);and Reference guide for PP

320、P project appraisal dated 14 June 2023 for undertaking systematic due diligence and appraisal of PPP projects.18The procedures defined in the above guidelines are not binding,but the intention is for them to be observed by all central sector projects.These guidelines apply to all PPP projects sponso

321、red by central government ministries or central public sector undertakings,statutory authorities,or other entities under their administrative control.State-Specific PublicPrivate Partnership PoliciesMany states have specific PPP legislation.Certain states have developed specific legal frameworks to

322、enable PPPs in infrastructure wherein there are dedicated legal PPP instruments(e.g.,Andhra Pradesh,Bihar,Gujarat,and Punjab).Few states have specific policy frameworks for private sector participation in infrastructure(e.g.,Assam,Karnataka,Maharashtra,and Odisha).Other states,such as Madhya Pradesh

323、,have developed a workflow for PPP project approvals,usually chaired by chief secretaries of the respective states.The Empowered Committees,entities formed specifically to streamline the approval process,typically comprise senior administrative officials.Most states in the country also have an infra

324、structure board or authority,while many of them also have PPP cells,including Andhra Pradesh,Madhya Pradesh,Kerala,and Punjab,among others.The Constitution of India divides the responsibility of legislation between the National Parliament and state legislature bodies.The Indian Parliament is compete

325、nt to make laws on matters listed in the Union List,which includes ports,airports,railways,national highways,inland waterways,telecommunication,oil fields,and mineral resources.The state legislatures are competent to make laws on matters listed in the state list,which includes police services,prison

326、s and corrective facilities,regulation of local government,public health and sanitation,state highways,city roads,and water supply and irrigation(footnote 13).Table 2 shows the states that have an explicit legal framework for infrastructure,including for private investment in public infrastructure.1

327、7 Government of India,MOF,DEA.2013.Appraisal and Approval Mechanisms for Central Sector PPPs.18 Government of India,MOF,DEA,Infrastructure Finance Secretariat.2023.Reference Guide for PPP Project Appraisal.14June.National PublicPrivate Partnership Landscape15Table 2:Regulations on PublicPrivate Part

328、nerships at State LevelStateRelevant RegulationAndhra Pradesh and TelanganaThe Andhra Pradesh Infrastructure Development Enabling Act,2001AssamPolicy on PPP,2008BiharBihar Infrastructure Development Enabling Act,2006ChhattisgarhGuidelines for Formulation,Appraisal,and Approval of PPP Projects in Chh

329、attisgarh,2013GoaThe Goa Policy on PPP;Scheme for Support to PPP in InfrastructureGoa Infrastructure Project Development Fund,2010GujaratGujarat Infrastructure Development Act,1999(amended in 2006);Gujarat State Viability Gap Funding Scheme,2007;Residential Schools of Excellence on PPP Mode,2021Karn

330、atakaGuidelines for Procurement of PPP Projects through Swiss Challenge Proposals Route,2010;Scheme and Guidelines for Financial Support to PPP Infrastructure,2013;PPP Policy for Infrastructure Projects,2018KeralaDraft Policy for PPP in Kerala,2014;Kerala Industrial and Commercial Policy(Draft),2022

331、Madhya PradeshScheme and Guidelines for Madhya Pradesh Project Development Fund,2009;Guidelines for PPP Projects,2009MaharashtraMaharashtra State Industrial Cluster Development Programme,2023OdishaThe Orissa PPP Policy,2007PunjabThe Punjab Infrastructure Development and Regulation Act,2002;Punjab In

332、frastructure Development Board Unsolicited Projects Bye-Laws,2008RajasthanScheme and Guidelines for Financial Support to PPPs in Infrastructure(Viability Gap Funding Scheme),2013;Rajasthan Infrastructure Development Fund;Draft PPP Policy,2020Tamil NaduTamil Nadu Transparency in Tenders(PPP Procureme

333、nt)Rules,2012;Tamil Nadu Infrastructure Development Act,2012;Tamil Nadu Infrastructure Development Rules,2012;Tamil Nadu Infrastructure Development Regulations,2013;Directions for Implementation of Schemes through PublicPrivate Partnership and Cross-Subsidization via Mixed-Use/Mixed-Income Development and Framing of Detailed Scheme and Guidelines for Land Acquisition and Utilization,2022Uttar Prad